Reports from the World Economic Forum in Davos suggest mission accomplished for Argentine President Mauricio Macri and his delegation. A little over a month since inauguration, his task naturally was to assure the international community of the new government’s determination to negotiate debts and pursue ample economic cooperation, breaking away from long standing and fierce protectionist policies by his predecessors.
Macri’s Minister of Finance went so far as to name the need to “remind the world of Argentina’s existence” as their main purpose at the event. Meanwhile the President spoke of existing investment opportunities in his country and even recommended the shift of resources originally directed to Brazil – something which may actually occur in the short time and in few specific segments.
Mauricio Macri is a talented politician whose speeches are quite assertive as a rule. Earning back the trust of potential overseas partners is vital at this point where he has enormous challenges ahead of him to fix an economy that was heavily battered in years of populism back home. Macri’s first actions since taking office all point to a radical departure from the State’s reigning stronghold on the economy.
Prospects of recovery in Argentina are just as encouraging to its neighbors. It demonstrates how the anticipation of a turn towards well balanced liberalism may already produce some relief in times of crisis deepened by widespread delusion and pessimism. No one doubts that South America’s flirtation with pseudo welfare regimes is inevitably doomed by virtue of its own catastrophic economic consequences.
There is room for hope that improved governance, accountability and fiscal responsibility may derive from the troubles the continent presently faces. Macri’s election enabled Argentina to leap ahead in the race to make up for past mistakes. Others – Brazil in particular – are very likely to follow suit sooner or later.
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